At Mono, one of our frequently asked questions is: “Does Mono give loans?” or “Can Mono help me with loans?”
The short answer is no, Mono doesn’t give loans. We are not a lending company.
Here’s what we do instead
Mono enables actual lending companies like Carbon, Renmoney, and Quickcheck to provide loans to you in a personalized and seamless way.
When you want to obtain a loan from a lending company, you're often asked to share certain information and data points with the lender, like your employment status, income amount, and more. These data points are used to assess your needs, creditworthiness, and other factors that determine a loan offer, and Mono powers these companies to access them in a secure and hassle-free way for you, the user.
Some ways that Mono currently powers lending companies to serve you better include:
Verify your identity in one click
When applying for loans, you need to share details like your account name, account number, or BVN to verify ownership of your bank account. This process of manually verifying this identity information can be time-consuming for businesses and also prone to errors.
With Mono Lookup, lenders now instantly confirm the identity information of users and businesses in real time. For example, with the Mono BVN Lookup endpoint, lenders can securely retrieve users' BVN data and confirm their identity information and account ownership, against user-submitted data such as their BVN, directly from their bank and with their consent. This seamless process makes loan applications faster, smoother, and more reliable for both borrowers and lenders.
Send your bank statements in minutes
Imagine having to visit your bank to retrieve signed copies of your bank statement, each time you need to apply for a loan. Not the best experience, right?
With our Statements API or No-code Mono Statement Pages, Mono simplifies this process, making it easier for you to share your bank statements with lending companies in a few clicks, so they can retrieve your financial history and assess your creditworthiness within minutes. This makes applying for and getting loans or credit a lot faster and more secure for you.
Share your transactions in real-time
Remember how Mono allows you to easily share your bank statement with lenders? Now, what if you had to access the service again? This would mean having to share your bank statement with the business multiple times. Well, Mono eliminates this repetition.
With the real-time data feature, we help these lending companies to get real-time transaction data from your connected financial account, so you don’t have to share your bank statement multiple times. This real-time access to your financial account is secure, and can only be shared with lenders when you authorize it.
Repay your loans effortlessly
A critical part of the lending process isn’t just receiving a loan—it’s also repaying it. Mono Direct Debit simplifies loan repayment by automating payments directly from your bank accounts, with your consent.
Once you authorize a payment mandate, lenders can collect loan repayments on the agreed schedule without the need for manual reminders. This ensures repayments are made on time, helping you avoid late fees and creating a seamless repayment process for lenders.
With these connections, Mono powers lending companies to give you and other customers a better user experience, and to provide you with loans and other forms of credit tailored to your needs.
